Insurance and Reinsurance Newsletter - January 2014 (Italy)

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1. IVASS – TOWARDS SOLVENCY II -

In the process of implementing the rules of Solvency II, EIOPA on 31 October 2013 published guidelines relating to the following areas: the system of governance; prospective assessment of risks (based on ORSA principles); the transmission of information to the competent national supervisory authorities (reporting); the preliminary procedure for internal models (pre-application) to enable each company to calculate the solvency capital requirement.

These guidelines have been issued under art. 16 of EU Regulation no. 1094/2010 (the “EIOPA Regulation”) and are addressed to the supervisory authorities of the various countries. They anticipate parts of the future Solvency II prudential supervisory regime.

Please see full newsletter below for more information.

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